ICE Canada Review: Canola Retreats From Early Gains

By Phil Franz-Warkentin, Commodity News Service Canada
Dec. 3, 2012
Winnipeg – ICE Futures Canada canola contracts were  lower at Monday’s close, retreating from earlier advances as  speculative profit-taking weighed on values.
After initially moving up in sympathy with CBOT soybeans, canola  eventually turned lower as the rally in soybeans ran out of steam,  said participants.
Speculative selling was a feature in the canola market, as a  downturn in the outside financial markets had investors looking to  exit some of their riskier positions, said a broker.
Technical resistance was also a factor, as the January canola  contract briefly tested the psychological C$600 per tonne level in  overnight activity before retreating.
The losses were tempered by a lack of significant farmer selling,  with most producers now content to wait until the New Year to make  more sales. Scale-down end user demand was also supportive.
Statistics Canada releases its final production estimates of the  year on Wednesday, December 5, and positioning ahead of the report  was a feature. General expectations on the size of the canola crop  ranging from about 13 million to 14 million tonnes.
About 13,332 canola contracts were traded on Monday, which  compares with Friday when 11,659 contracts changed hands. Spreading  was a feature, accounting for about 10,342 of the contracts traded. Milling wheat, durum and barley futures were untraded and  unchanged.
Settlement prices are in Canadian dollars per metric ton.Price      Change

Canola            Jan     591.90    dn 2.40

Mar     591.50    dn 2.60

May     590.80    dn 1.80

Milling Wheat     Dec     300.60    unch

Mar     308.60    unch

Durum             Dec     312.00    unch

Mar     316.00    unch

Barley            Dec     245.00    unch

Mar     248.00    unch

Commodity futures

Futures Prices as of April 22, 2014

Canola Price Change
January591.902.40
March591.502.60
May590.801.80
Milling Wheat Price Change
December300.60
March308.60
Durum Price Change
December312.00
March316.00
New Barley Price Change
December245.00
March248.00

Prices are in Canadian dollars per metric ton

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